Dealmaker: JLL Brokers $47M Retail Center Sale Near Miami

JLL Capital Markets, Chicago, closed a $46.75 million sale of Plaza San Remo, a Whole Foods Market-anchored retail center in Coral Gables, Fla.

A fund advised by Zurich Alternative Asset Management LLC, New York, purchased the asset. JLL marketed the property for an institutional investment advisor.

The 59,700-square-foot fully leased center at 6701 Red Road dates to 2007 and is the ground-floor retail component of a seven-story mixed-use asset that also contains medical office space and a seven-story parking garage. Other Plaza San Remo tenants include Pediatric Associates and OXXO Care Cleaners.

Plaza San Remo is surrounded by more than 111,000 Coral Gables residents with an average annual household income exceeding $135,000. Nearby demand drivers include more than 1.8 million square feet of office space within a half mile, the University of Miami and South Miami Hospital.

“This is the second investment in our newly raised third-party fund,” said Sean Bannon, Managing Director and Head of U.S. Real Estate for Zurich. “The physical, locational and tenancy features will do well for our international investors, offering them an attractive yield, term and credit.” He said Zurich anticipates Plaza San Remo will be a long-term hold as the firm continue to invest in south Florida.

The JLL Retail Capital Markets team included Senior Managing Director and Co-Head of JLL’s Retail Practice Danny Finkle, Managing Director Luis Castillo and Director Eric Williams. Finkle noted the property’s credit tenancy, Coral Gables location and tenant sales performance made Plaza San Remo an excellent core investment opportunity.